Finance News Update, what you need to know

The Australian dollar has fallen against the US dollar with the greenback rising on technical buying and political uncertainty with several elections in Europe.

The local currency was trading at 76.38 US cents at 0702 AEDT on Wednesday, from 76.80 on Tuesday.

Meanwhile, the Australian market looks set to open flat despite gains in European shares and US stocks hitting record highs, helped by corporate results.

At 0702 AEDT on Wednesday, the share price futures index was up two points, or 0.04 per cent, at 5,574.

ELSEWHERE:

BERLIN - German industrial production unexpectedly dropped 3 per cent in December compared with the previous month, apparently pushed lower by seasonal factors.

BEIJING - China's foreign exchange reserves unexpectedly fell below the closely watched $US3 ($A3.9) trillion level in January for the first time in nearly six years, though tighter regulatory controls appeared to be making some progress in slowing capital outflows.

LONDON - British MPs will get to vote on the Brexit deal before it is finalised by the bloc.

LONDON - Scotland's devolved parliament overwhelmingly rejected British Prime Minister Theresa May's plan to exit the European Union in a symbolic, non-binding vote.

LONDON - Oil giant BP says its fourth-quarter earnings more than doubled as it made progress adjusting to lower energy prices.

LONDON - Discounter Aldi has overtaken the Co-operative to become Britain's fifth largest grocer.